Permian Resources (NYSE:PR) Given New $16.00 Price Target at Wells Fargo & Company

Permian Resources (NYSE:PR) had its target price trimmed by Wells Fargo & Company from $21.00 to $16.00 in a report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also recently issued reports on PR. Royal Bank Of Canada increased their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Scotiabank began coverage on shares of Permian Resources in a report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 price target on the stock. Morgan Stanley raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, August 18th. UBS Group raised their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Finally, TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $18.67.

Permian Resources Stock Up 1.6%

Shares of Permian Resources stock opened at $12.28 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The firm’s 50-day moving average is $13.36 and its two-hundred day moving average is $13.20. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of 7.98 and a beta of 1.32.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the business earned $0.39 EPS. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, research analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Tuesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is presently 38.96%.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares of the company’s stock, valued at $1,528,555.49. This trade represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after buying an additional 11,133,354 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after buying an additional 2,286,363 shares during the last quarter. Nuveen LLC purchased a new position in Permian Resources during the 1st quarter worth approximately $175,525,000. American Century Companies Inc. raised its position in Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after buying an additional 1,863,632 shares during the last quarter. Finally, Boston Partners purchased a new position in Permian Resources during the 2nd quarter worth approximately $134,119,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.